Refund UST holders before anything else

People who bought UST before the depegging bought a stablecoin, many of them put their life savings into a “stable” investment. From the Anchor whitepaper: “Anchor offers a principal-protected stablecoin savings product that pays depositors a stable interest rate” & “Anchor implements a liquidation protocol designed to guarantee the principal of depositors.” The investors that bought 1 UST for $1 deserve to be refunded first and immediately.

While UST was crashing, @dokwon told us all to “hang tight” and that he was “Close to announcing a recovery plan for UST.” So, where is the recovery plan? It certainly can’t be this one that downplays the entire utility of UST.

There are quite some people who believed these promises, as there remains over 1.1B currently deposited on Anchor. These people believed in Terra Luna and trusted the founder’s word in a time of crisis.

Talking about forking and giving UST holders a risky LUNA completely unacceptable and related discussions should be tabled until UST investors are refunded.

The current revival plan 2 by Do Kwon gets a lot wrong (forking is a terrible idea), but the worst part is that he downplays UST entirely when this was the main draw to the entire ecosystem for many investors. He proposes to give 25% [of the proposed new LUNA] to UST holders at the “Launch” snapshot - 10% unlocked at genesis, rest vested over 2 years thereafter. First of all, UST investors didn’t get involved in a STABLECOIN to wait for 2 years of vesting for an unstable asset. Secondly, taking a launch snapshot will incentivize speculators to buy UST for <$0.10, which will effectively give them 10x return compared to people who bought 1 UST for $1 and kept it on Anchor until now. Many people staked on Anchor, and kept “hanging tight” while you worked on the “recovery plan for UST,” now it’s time to stick to your word and make it happen. LFG should refund all UST stakers on Anchor who remained loyal through all of this turbulence with 1:1 UST:(USDC/USDT/BUSD/etc). After the refund, people should be told to withdraw from Anchor and it should be shutdown completely.

This should be the priority and it should happen before forking or even voting on forking.

It seems clear that there isn’t enough money to refund everyone who lost money, and therefore, a priority must be set and rewarding the people who invested in a stablecoin and trusted the founder to recover it should be first in line. Afterwards, I would agree that people who removed and sold their UST should be refunded whatever they lose due to the depegging, but gathering and proving what happened in each individual case will take a lot of manpower. For example, what if someone sold for $0.80 and bought back the same amount for $0.30? Calcuating the amount to be refunded will be too complicated in many cases.

I agree that people who were staking LUNA during the crash and could not sell due to the lock-up period were also wiped out. However, LUNA was known to be a risky asset and locking your coins would also be susceptible to a crash risk. If the hard fork happens (which I hope it doesn’t), these people should be the ones who gain the most going forward.

By refunding all UST stakers on Anchor who bought UST for $1 before the depegging event, Do Kwon will restore a bit of trust in his word by sticking to what he said during the death spiral. Take this small step forward first, then continue discussing what happens next.


It was on 11th for me

I purchased at 1.77$ believing he had a plan.

OK plan can go wrong, but why people bought on 8th May to 12 TH May get the worst deal.

Why are we competing against 6.5T supply when we purchased during max of 5B token supply!

Only fair thing to do is now distribute to people according to supplies they bought at.

IF they bought at 50$ when the supply was 400M they should get according to that supply


Does anyone have the screenshot on his twitter which said something to the effect of “UST collateralized by $9 billion in BTC”? He took it down obviously.

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Indeed we want our money back before launching other shitty project…
We have been all rekt by you!
Time to a legal process, you are a thief dokwon!!!


I’ve been saying this all along. Do Kwon keeps dodging and even tweeting Luna was more important than UST. You have other CEOs that see paying back the holders of UST is the most important. Even Justin Sun of Tron to put up 10 million USDD to help make UST whole. It makes me not want to back Do Kwon on anything. If he started with UST I would have totally backed him. This was a STABLE coin. Very low risk supposedly. Luna is a stock that can be risky.


There are thousands of people who bought UST on the words of Do Kwon after Depeg, what about those? I checked the tweet and bought afterwards at 0.93 USDT, it will be unfair to thousands or millions who bought after the depeg thinking it is stable coin. I have 23K coins.

We cannot leave UST to die, atleast UST should be taken care with Luna so that It will regain its value back to 1 USDT, I know its take time but excluding all others who bought after Debug is wrong according to me.

Hold UST and get rewards, this is the only way to revive the price of UST, If you have sold your UST assets then you are saying it easily, leave the UST and shut it down.

This is wrong, all users must be taken care of, no matter who bought before or who bought after


The problem here is that in some cases people couldn´t even withdraw it nor sell it. Which is my case, and people that didn´t sell because of those tweets. This is really sad.

Agree with you,nothing will success before refund UST holders.

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UST is debt that needs to be made whole. You can buy that very debt right now on Binance for 0.08 cents. Its the only reason Luna has value, its because of UST. The fork plan will not work. I don’t see whatever junk fork is created ever being listed on top exchanges, ever. It will reek of Do Kwon. The community should not let him scam and run. Burn $luna until UST holders are able to exit at peg. It doesn’t matter if it takes years as long as it gets done!


Issue is UST derives its value from LUNA. You can consider LUNA as the Gold that backs the paper money UST. Moreover UST cannot be fixed as it was the cancer that took down LUNA with it. So the only hope for UST Holders to recover their money is to support the re-growth of LUNA.

Even if @dokwon wanted to refund there simply isn’t enough money to pay up.

#ULM - UST Lives Matter :sweat:


I really regret not selling earlier…
I only sold 60% of my UST at $0.18…

Regret not dumping my UST at $0.8 because I thought it would repeg and if I dump and everyone dumps their UST, Luna would suffer…
Looks like we all got rekt together!!!

Forking wont do anything…


I also saw it on a Reddit thread some point last week.

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Can’t agree more…

Agree 100%

I like how yall casually forget to mention that there were at least 4 insurance options against depeg and yall bought none of it, now crying, while luna had none of that. Spoiled brats.

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We don’t want Fork.
Burning and making it a deflationary token will be the best option for the whole community.

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my deep admiration for these words, just as it should be, this to avoid lawsuits, ANCHOR PROTOCOL was zero tolerance <3

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What were those options?